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Discuss the key environmental variables that you see changing in Hong Kong recently. What impact will those changes have on the HRM/Personnel function in your company/organization?

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Introduction

Question: "Our Economy is still growing steadily." "The unemployment rate is down." Discuss the key environmental variables that you see changing in Hong Kong recently. What impact will those changes have on the HRM/Personnel function in your company/organization? 1. Introduction The human resource management (HRM) practitioners in Hong Kong are currently facing unprecedented challenges which have been caused by major changes in competitive environment. Base on the words of officials of Hong Kong government, the vision of Hong Kong is to reposition itself as the world's most service-oriented knowledge economy that capitalizes on its strength in value-added producer services in order to complement the growth of the Chinese economy in the future. (Chan & Lui, 2004) In view of various environmental changes and the associated pressure that companies in Hong Kong are facing, HRM practitioners are expected to take an active role in advising their companies on what HRM strategies and policies should be adopted to cope with environmental change. 2. Environment In order to understand the contingent factors affecting the HRM strategies and practices, the economic, organizational, political and legislative environment is analyzed. 2.1 Economic Challenge The Hong Kong government has adopted a laissez-faire economic policy which has been described as "positive non-interventionism". ...read more.

Middle

Given the above situation, Hong Kong employers have to face a more turbulent environment. Competition from PRC and multi-national corporations have intensified and forced HK employers to find ways to attract, maintain and enhance their 'talent' . The high labor turnover rate has pushed up the recruitment and employment cost in most organizations. Conflict between employers and employees ahs increased because of the rising expectations form the workforce on issues like compensation and benefits, quality of working life, career development, equality and rights. Union activities are now better organized and more visible and therefore have put greater pressure on the HRM professionals to manage the situation. Additionally, economic growth has insert more pressure on corporations to seek ways to maintain its competitiveness in industrial and labor market. 4. Case Illustration - Wing Hang Bank (WHB) 4.1 Company Background Founded in 1937, Wing Hang Bank was listed on The Stock Exchange of Hong Kong Limited in 1993. With over 50 branches and representative offices throughout Hong Kong, Macau and Mainland China, the Group offers a diverse range of banking services to meet the needs of its customers and is firmly committed to continuous service quality improvements in attempt to become the preferred bank for its customers and the "employer of choice" for talents. ...read more.

Conclusion

An effective HR practitioner of WHB recognize a strong concern for knowledge and continuity management that make good use of employee's intellectual capital or talent management and thus, they are going to set up a 'knowledge bank' including collecting, organizing, transforming and applying work and operational knowledge of the bank. (Lengnick-Hall & Lengnick-Hall, 2003) 5. Conclusion Hong Kong corporations are operating in a complex and turbulent environment. With a predominantly Chinese culture and high degree of responsiveness, the economy has recovered rapidly in recent years. It seems that the choice of different HRM practices affect corporations overall performance, staff morale, profit growth, return on investment and return on sales. It also appears that corporations using a HRM strategy to align with its quality enhancement business strategy performed better in changing environment. (Cheung, 2001) Because of the major changes in the social and business environment where Hong Kong corporations, like banking sector, operate in, there is increasing pressure on HR professionals to resolve the people problems created by these changes. It is essential that employers in Hong Kong recognize the importance of HRM and its contribution to the success of the company. ...read more.

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